Founded in 2009 by Jamie Lin, AppWorks is a leading startup community and venture capital firm built by founders, for founders. Every six months, we carefully select the most promising AI, blockchain, and Southeast Asian tech startups in the region to join our program. We provide mentorship to help early-stage startups find their product-market fit and assist growth-stage companies in building sustainable and scalable business models. Over the past 15 years, the AppWorks alumni network has grown to include over 600 active startups, more than 1,800 entrepreneurs, with a combined revenue of $16 billion, a total fundraising amount of $6.4 billion, and a total market capitalization of $30.3 billion. More importantly, the AppWorks alumni network has created over 24,000 jobs in the Greater Southeast Asia region. In addition, AppWorks manages four venture capital funds with a total of $350 million. We collaborate with investors who share our vision, including leading companies in technology manufacturing, finance, media, and telecommunications. We typically invest in seed to Series C rounds, making 20-30 investments annually. To date, we have invested in over 100 startups, many of which are leaders in their respective industries or fields, such as Lalamove, Dapper Labs / Flow, Animoca Brands, 91APP, Figment, Carousell, ShopBack, 17LIVE, KKday, and more. Furthermore, AppWorks Funds has achieved 6 IPOs (Uber, GameSparcs, Kuobrothers, Pcone, 91APP, 17LIVE), 4 IEOs, 1 hectocorn, 2 decacorns, and 5 unicorns.

AppWorks

Pantera Capital is an investment firm focused exclusively on Bitcoin, other digital currencies, and companies in the space. The company believes that Bitcoin has the potential to transform the way people use money and that it will do for payments what the Internet has done for communications and commerce. Until 2014, Pantera focused on global macro hedge fund investments. The firm was founded in 2003 by Dan Morehead, who was a chief financial officer and head of Macro Trading at Tiger Management. The firm has since shifted its investment advisory services to focus exclusively on Bitcoin, other digital currencies, and companies in the space. Shareholders include Benchmark, Fortress Investment Group, and Ribbit Capital.

Pantera Capital

Nima Capital is a single-family office. They take a global approach to identifying companies with first mover, winner-take-all characteristics that use technology to disrupt large industries around the world.

Nima Capital

NEO Global Capital is the strategic investment vehicle NEO foundation and one of the largest institutional owners of cryptocurrencies. It was founded 2017 and is based in Singapore.

NGC Ventures

Established in 2017, Spark Digital Capital is an NY based family office that invests in Blockchain-enabled companies. They firmly believe in a future where blockchain not only plays a significant role in the world but also creates unlimited efficiencies and opportunities to the society and people’s lives. With their teams' strong finance and technology background they aim to bring blockchain into prosperity.

Spark Digital Capital

Zee Prime Capital is a VC firm based in Bratislava, Slovakia. Investing in programmable assets and early-stage founders globally. The organization was founded on February 20, 2029.

Zee Prime Capital

Divergence Ventures is a crypto operator fund.

Divergence Ventures

CMS is a principal investment company that focuses on investing in the crypto-asset ecosystem. The firm plans to invest in both liquid and illiquid crypto tokens, as well as equity interests in select businesses.

CMS Holdings

Founded in 2018, Evernew Capital is a venture fund focused on supporting decentralized finance (DeFi), NFT, and infrastructure projects that add new dimensions of utility to the emerging multi-chain crypto ecosystem. The firm announced that it will establish a 20M ecosystem fund in partnership with the Solana Foundation. The Ecofund will focus on cultivating the crypto developer ecosystem in Taiwan, providing resources and services to incubate promising projects for the Solana ecosystem. Evernew provides a range of services to its portfolio projects such as strategic advising, tokenomics development, marketing support, technical feedback, auditing, further product ideation, and connections to potential partner projects. The fund’s strong presence and network in the Taiwan and East Asia region enables them to introduce products to those target markets more efficiently and help teams with navigating local regulatory hurdles.

Evernew Capital

Defiance Capital is a Decentralized Finance (DeFi) focused cryptoasset fund that combines fundamental research with an activist investment approach.

DeFiance Capital

Perpetual Protocol is a decentralized perpetual contract trading protocol for every asset.

Perpetual Protocol

At Double Peak Group, our guiding philosophy embraces a unique blend of value investing, focused on the pioneering domain of digital assets.  Managed by Nyx Holdings, the family office of Galen Law-Kun, our strategy is grounded in making meaningful investments during early funding rounds and secondary markets in the digital asset ecosystem. We pinpoint undervalued opportunities that hold the promise of substantial growth over an extended time horizon. Our investments cast a wide net across various facets of the digital asset ecosystem, reflecting our comprehensive and dynamic approach. From Asset Management, Banking & Payments, and Cross-Chain Bridges, to DeFi Primitives, Infrastructure Protocols, Investment Funds, Gaming/Metaverse, NFTs, Privacy/Security, and Web+ Social Protocols – our footprint is extensive and growing.

Double Peak Group

Momentum 6 architect momentum for crypto and blockchain projects.

Momentum 6

AngelDAO operates as a decentralized autonomous organization.

AngelDAO

DWeb3 Capital is a digital fund focused exclusively on digital assets related to Decentralized Finance, WEB 3.0 and NFT.

DWeb3 Capital

Alves Ventures operates as a venture capital firm. Alves Ventures don't just provide capital to bootstrap our portfolio projects, we actively work with them to empower them to realize their vision.

Alves Ventures

Founded in 2018, Mindfulness Capital is an investment firm that specializes in private equity, and mergers & acquisitions. The firm has invested in blockchain, tech products (both hardware and software), finance sectors, etc.

Mindfulness Capital

Avalanche Asia Star Fund is focused on investing, incubating.

Avalanche Asia Star Fund

TsingTing Capital is a venture capital firm.

TsingTing Capital

Triblock is a web3 investment & advisory firm

Triblock

Teahouse Finance

Complete DeFi + NFT + GameFi ecosystem, powered by expert blockchain technology

Teahouse Finance offers a DeFi asset management platform that leverages smart contracts to manage user funds. The platform maximizes yield on trading fees via liquidity pool ranges and hedge positions and minimizes impermanent loss. Additionally, the company offers seven “DeFi strategy vaults” (as of April 2023) across multiple chains, which employ a number of different strategies to farm yield for depositors.

Disrupting the traditional financial system using blockchain

Decentralized Finance (DeFi)

Discover How: Teahouse Finance Airdrop Claim Guide | by George Harris | Jun, 2024

Teahouse Finance offers a DeFi asset management platform that leverages smart contracts to manage user funds. The platform maximizes yield on trading fees via liquidity pool ranges and hedge positions and minimizes impermanent loss. Additionally, the company offers seven “DeFi strategy vaults” (as of April 2023) across multiple chains, which employ a number of different strategies to farm yield for depositors. Teahouse Finance also plans to launch an enterprise-focused B2B product named Teahouse Private Vaults in Q2 2023. The new solution will use multi-signature wallets from <a href="https://sp-edge.com/companies/2187028">Safe </a>, a DeFi wallet provider, and be protected by action filters that only allow for specific transactions to take place. Funding and financialsIn April 2023, Teahouse Finance <a href="https://sp-edge.com/updates/17970">raised USD 2 million </a>in new funding led by AppWorks to develop new products and improve the security of its platform.

MakerDAO is a DAO (governed through the MKR token) that manages the Sky protocol (formerly known as Maker).&nbsp;Developed on the Ethereum blockchain, the protocol allows users to place their funds (through cryptocurrency) as collateral in exchange for its stablecoin DAI, which is pegged to the USD. DAI can be used like any other cryptocurrency and even as savings since holders of DAI are entitled to a return based on the DAI Savings Rate (DSR). The DSR is determined by members of the DAO using a mix of public and proprietary market data.Sky offers access to investing and borrowing DAI through the Oasis app which was developed by some of the creators of protocol. In addition, the protocol is available for developers of DeFi apps who can build apps to facilitate earning, investing, and borrowing DAI. As of May 2024, Sky had integrated with over 400 applications ranging from payment systems to gaming platforms. It generates revenue through stability fees (akin to interest payment on borrowed DAI) and liquidation fees which is an additional charge that occurs when the value of the submitted collateral falls below a set liquidation amount.&nbsp;In April 2022, the protocol announced that it was bridging to StarkNet, a reportedly cheaper and faster zero-knowledge (ZK) overlay chain built by StarkWare. Along with its expansion on Ethereum, the DAO had planned to move toward a multi-chain offering with this rebuild. It planned to roll out this offering in four phases, beginning with a simple bridge between the main blockchain and StarkNet’s Layer 2.&nbsp;In February 2023, the company <a href="https://sp-edge.com/updates/16269?industryIds=64">launched a new lending platform</a> named Spark Protocol, to enable users to borrow, lend, and stake DAI, the protocol’s stablecoin. The platform, which is a fork of Aave's version 3 (v3), will be built by Phoenix Labs, a research and development company formed by the DAO. Additionally, the company also announced the deployment of etherDAI, a liquid staking derivative for Ethereum that will be pegged to the value of ETH. Furthermore, in March, the protocol went on to<a href="https://sp-edge.com/updates/17322"> approve several new proposals </a>that make changes to both its governance structure and the investment of its treasury. These changes divide the DAO’s current structure into smaller self-governed and self-sustained units named SubDAOs, which will also have their own tokens in the MakerDAO ecosystem. Moreover, the proposal also planned to increase the protocol’s revenues by investing a part of its reserves (worth USD 7 billion) into real-world assets and money-market funds.&nbsp;The platform outlined its plans for a major update (named Endgame) in May 2023. The launch was proposed to take place in five phases and will ultimately lead to the creation of a new blockchain. The road map is as follows: 1) launching new branding and website as well as upgraded versions of Dai and MKR tokens; 2) launching six Maker SubDAOs, specializing in user acquisition, decentralized frontends, and collateral allocation; 3) introducing new AI tools to assist governance, including tools for summarizing, interpreting, and generating governance proposals; 4) enabling rewards for governance participation; and 5) deploying a new blockchain to house backend logic for SubDAO tokenomics and governance security. The first phase of the update is expected to be rolled out in the summer of 2024.&nbsp;In August 2024, the protocol followed through with the first phase of its plans by <a href="https://sp-edge.com/updates/32993">rebranding itself under the new name "Sky"</a>, and launching new versions of DAI and MKR tokens named the USDS and SKY.&nbsp;Key customers and partnershipsIn September 2024, Sky<a href="https://sp-edge.com/updates/33252"> partnered with Aave Labs</a>, to launch the “Sky Aave Force” initiative. The initiative featured key proposals such as integrating the newly launched USDS and sUSDS stablecoins on Aave’s V3 protocol, introducing an incentive program for sUSDS suppliers and deploying a direct deposit module for USDS into the Aave Lido Market. Additionally, the partnership will enable the companies to distribute SPK tokens, the native token of Sky’s lending protocol Spark, to create a market for sUSDS on Aave. Collectively, these initiatives enable users to earn yields on their sUSDS deposits from the revenues generated by Sky’s protocol and mint USDS directly on Aave without meeting the usual collateral requirements.

MakerDAO

Founded by former executives of Qualcomm, Solana Labs is the developer of the Solana blockchain, which uses the native cryptocurrency SOL. The company enables developers to create decentralized applications in its blockchain and is capable of carrying out 50,000 transactions per second (TPS) with a theoretical upper limit of 710,000 TPS for the architecture. As of May 2024, the blockchain averaged around 2,400 TPS. This is in contrast to Ethereum’s average of between 13 to 15 TPS. In addition to transaction speed, Solana also has other advantages such as lower transaction fees and improved scalability, given its proof-of-stake consensus mechanism and underlying architecture. The mechanism also enables users to stake their SOL and earn yields for validating the network. Solana provides the ability to create specialized tooling and programming functionality to tokens through <a href="https://sp-edge.com/updates/25910">Token Extensions</a>. This allows developers and businesses to establish rules for tokens, such as dictating their functionality and determining their holders, as well as embed features like whitelisting, automatic transfer fees, and confidentiality provisions for transfers.Solana also provides guides and a content aggregator website for developers to discover tools to create dApps on its blockchain. As of May 2024, more than 440 dApps were created on Solana, ranging across use cases such as DeFi, NFTs, and gaming. It also <a href="https://sp-edge.com/updates/18094">launched a ChatGPT </a>(a chatbot built on OpenAI's GPT model) plugin to allow developers and users to query the blockchain for on-chain data. The plugin works through the ChatGPT interface and allows users to perform various tasks such as checking wallet balances, transferring tokens, and purchasing NFTs.Key customers and partnershipsWeb browser developer Opera partnered with Solana in December 2021 to integrate the blockchain and create a built-in crypto wallet onto the Opera browser to improve accessibility to dApps hosted on the blockchain.As of May 2024, the company served several enterprise clients such as Shopify, Asics, Helio, and Tiplink.Funding and financialsThe total value locked (TVL) in DeFi projects across the Solana blockchain amounted to USD 4 billion as of May 2024. The company raised USD 314 million through an initial coin offering (ICO) of SOL. The ICO was co-led by Polychain Capital and Andreessen Horowitz. The funding was to be used to create a venture investing arm, a trading desk, and support the development of new applications in its blockchain.

Solana

Swiss-based Eidoo is a developer of a wallet that supports cryptocurrencies such as Bitcoin and Ethereum, along with tokens such as DAI, MKR, AAVE, and UNI, among others. In addition, Eidoo provides a DeFi marketplace that integrates with its wallet, allowing users to trade any tokens that they hold. Eidoo also offers a debit card that allows the conversion of digital assets into fiat currencies, such as the GBP and EURO, and spending or even withdrawing cash from ATMs.Eidoo began with the proprietary token EDO, which it also used to raise USD 27.9 million in an initial coin offering (ICO) in 2017. The token was then upgraded following its merger with blockchain oracle provider Provable Things to establish pNetwork, the infrastructure that facilitates cross-chain interactions between multiple decentralized apps, governed by the token PNT. To obtain an Eidoo debit card, users are required to stake PNT ranging from 20 to 200,000 for various service tiers.Eidoo had several applications such as virtual account numbers to deposit money and obtain a tokenized representation of their deposit as well as features to buy, hold, and trade NFTs in the roadmap as of December 2021.

Eidoo

Synthetix is a DAO (governed by holders of its native token SNX) that offers a platform on which users can trade and vote on the creation of on-chain synthetic assets, which are derivatives based on real-world assets. These synthetic assets enable traders to capture the price movements of assets such as cryptocurrencies, fiat currencies, stocks, and commodities, among others, with zero slippage. The protocol allows users to stake SNX as collateral for the debt pool and earn weekly rewards. As of April 2022, Synthetix had USD 642 million in total value locked (TVL).Additionally, Synthetix also offers the opportunity for developers to build on top of the platform to tap into its liquidity as well as develop decentralized perpetual futures, options markets, deal coordination markets, and more. As of December 2021, the protocol served large DeFi platforms including 1inch, Curve Finance, Yearn Finance, and Paraswap.In February 2023, Synthetix <a href="https://sp-edge.com/updates/16609?industryIds=64">deployed version 3 (v3) of its platform </a>on the Ethereum mainnet. V3 reportedly offers more efficient architecture that enables developers to create products that offer a liquid market for any financial derivative, as well as more complex decentralized applications. Additionally, the solution also offers staking and differentiated debt pools, to enable stakers to earn fees from supplying collateral to specific asset pools. The company went on to deploy its protocol on Base, an Ethereum Layer-2 blockchain developed by Coinbase, in April 2024. Moreover, the company announced plans to launch a new perpetual futures exchange named Infinex in the following months.Funding and financialsIn March 2023, Synthetix <a href="https://sp-edge.com/updates/17267">received an investment of USD 20 million </a>from DWF Labs, a Web3 venture capital company. Synthetix plans to use this investment to drive volume for its protocol across both centralized and decentralized exchanges and invest in product development.

Synthetix

Compound is an open-source lending protocol built on Ethereum that allows developers to build DeFi applications for functions such as deposits and lending. Compound offers adjusted money market interest rates based on asset-specific supply and demand and supports a number of Ethereum-based assets for users to take collateralized loans and lock-up assets without borrowing. Locked assets are automatically liquidated if an independent oracle determines that the price has dropped too low. Additionally, since assets are stored in a shared pool, even users with liquidated collateral can claim tokens if they are able to repay the general pool. Compound also <a href="https://sp-edge.com/updates/13038">offers borrowing services</a> for institutional clients that allow them to borrow USD or USDC at a fixed annual percentage rate of 6% using cryptocurrencies such as Bitcoin or Ether as collateral, with a loan-to-value of 90%.As of April 2024, Compound had a total value locked (TVL) of USD 2.3 billion. The protocol is governed by its native-token COMP, which along with a variety of other digital assets that are a part of the Compound ecosystem, are supported by Coinbase Custody, a crypto asset custodian. In August 2022, Compound launched a version of its protocol named “Compound III” which features a single borrowable asset. Users can supply collateral that can never be withdrawn by other users (except during liquidation) and borrow USDC.In May 2022, Compound<a href="https://sp-edge.com/updates/10267"> received a B- credit rating from S&amp;P Global Ratings</a> on its enterprise credit facility which offers 4% annually on deposits of the stablecoin USDC. Notably, Compound claims that this is the first time an "institutional DeFi" product has been scored by a major credit rating agency.Funding and financialsCompound’s last funding round was in November 2019 where it raised USD 25 million in a Series A led by Andreessen Horowitz’s a16z crypto fund to help the company further decentralize the protocol by enabling crypto exchanges and custodians such as Coinbase to maintain the protocol going forward.

Compound

Organizations and protocols that allow individuals to lend their crypto assets and take out collateralized or uncollateralized loans from to/from these projects

Organizations that allow individuals to invest in tokenized financial and real assets

Organizations that provide fully decentralized insurance products

Organizations that apply NFTs across areas of finance such as documentation and non-fractionalized ownership records for assets

Decentralized exchanges that help connect buyers and sellers of DeFi tokens without the need to rely on an intermediary

Organizations that provide digital wallets for users to take custody of DeFi tokens

Blockchains and related protocols that allow developers to build DeFi apps

All companies within this industry are either blockchain-based platforms or offer blockchain-centric services

Promotes financial inclusivity, allowing those that won't traditionally have access to credit to raise funds

Companies with the infrastructure segment offer solutions for users to build decentralized applications

Teahouse Finance

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